Veteran trader Peter Brandt bitcoin He stated that the price is preparing for a big move after months of silence.
Guest on Trader Tone Vays’ YouTube channel Peter Brandtshared his Bitcoin price prediction. According to the trader, if the current technical outlook in BTC remains strong, it will drop by 30%.
Known for predicting the collapse of the Bitcoin price in 2017, Brandt became popular among the cryptocurrency community.
Brandt thinks that BTC’s big double top formation last year heralds another bearish move before a reversal.
“Taking the double top we saw on the bitcoin chart and the technical outlook we had in 2021, you can see that they all have targets around $13,000. The target of the double peak is to the downside. The descending triangle has a target there, plus whenever you break a parabola in Bitcoin you are subject to more than 80% correction. We’ve seen a correction of around 75% before.”
Brandt also commented that based on traditional charting techniques, he will follow the downward momentum in Bitcoin price prior to the current consolidation period.
“I think the trend in bitcoin price is down. Based on traditional techniques, I believe that a period of consolidation or congestion will be resolved by a reversal period. I think we’re going to see more declines, even if we don’t need it.”
Koinfinans.com As we reported, Brandt stated that his price prediction will start to decline if Bitcoin breaks above $20,000 and gains solid support above the $22,000 level.
“I think we can definitely see another drop if bitcoin really doesn’t go above $20,000 and consolidate… I don’t think we’re going to go to $11,000 or $12,000. I think $13,000 is probably a more realistic level…
In my opinion, until Bitcoin actually regains $22,000 and holds it, there is no reason why Bitcoin can’t drop back to $13,000.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.